The process of “wiring money” has been used for many years as a means to transfer money from a person at one location to a second person at a different location. The process is not always convenient since, among other things, the sender and the recipient typically need to visit a money transfer office either to send or to receive the money. More recently, people wanting to transfer money have been able to use an ATM (automated teller machine) or other self-service terminal to conduct money transfer transactions.
The process of transferring money, even if done at an ATM, can be time-consuming and complicated, as well as inconvenient. For example, the sender will need to know the account of the recipient if it is an inter-account transfer, or may need to know detailed destination information if the money is to be retrieved at a location other than one with a self-service terminal. Further, if an ATM is to be used by both the sender and the recipient, the sender may need to get a PIN (personal identification number), as well as security/payout codes and other information, from the initiating ATM, and separately communicate that information to the recipient, in order for money to be retrieved by the recipient at a dispensing ATM or location.